{ "markdown": "# Disclaimer\n\nStatements included herein may constitute \u201cforward-looking statements\u201d within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, as amended, which may relate to future events or the future performance or financial condition of Ares\nCommercial Real Estate Corporation (\u201cACRE\u201d or, the \u201cCompany\u201d), Ares Commercial Real Estate Management LLC (\u201cACREM\u201d or the Company\u2019s \u201cManager\u201d), a subsidiary of Ares Management Corporation (\u201cAres Corp.\u201d), Ares Corp., certain of their subsidiaries and accounts managed by\nACREM, Ares Corp. and/or their subsidiaries, including, without limitation, ACRE. These statements include, but are not limited to, statements about potential earnings, the resolution of underperforming loans, increased investment activity, liquidity management, reduction or increase of CECL reserve,\nreduction or increase of available borrowings, the industry and the loan market and are not guarantees of future results or financial condition and involve a number of risks and uncertainties. Actual results could differ materially from those in the forward-looking statements as a result of a number of factors,\nincluding global economic trends and economic conditions, including slower growth, changes to fiscal and monetary policy, inflation, labor shortages, changing interest rates, foreign currency exchange volatility and uncertainties caused by tariffs and trade disputes, as well as geopolitical instability, changes\nin interest rates and credit spreads, management\u2019s estimate of current expected credit losses and current expected credit loss reserve, the amount of commercial mortgage loans requiring refinancing, the demand for commercial real estate loans, the Company\u2019s expected investment capacity and available\ncapital, rates of default or decreased recovery rates on the Company\u2019s target investments, the Company\u2019s business and investment strategy, the Company\u2019s projected operating results, the ability of Ares Commercial Real Estate Management LLC to locate suitable investments for the Company, monitor,\nservice and administer the Company\u2019s investments and execute its investment strategy, and other risks described from time to time in ACRE\u2019s filings within the Securities and Exchange Commission (\u201cSEC\u201d). Any forward-looking statement, including any contained herein, speaks only as of the time of this\nrelease and none of ACRE, ARES Corp. nor ACREM undertakes any duty to update any forward-looking statements made herein. Any such forward-looking statements are made pursuant to the safe harbor provisions available under applicable securities laws.\n\n\nAres Corp. is the parent to several registered investment advisers, including Ares Management LLC (\"Ares Management\") and ACREM. Collectively, Ares Corp., its affiliated entities, and all underlying subsidiary entities shall be referred to as \"Ares\" unless specifically noted otherwise. For a discussion\nregarding potential risks on ACRE, see Part I., Item 7. \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" and Part I., Item 1A. \"Risk Factors\" in ACRE's Annual Report on Form 10-K and Part II, Item 1A. \"Risk Factors\" in ACRE's subsequent Quarterly Reports on\nForm 10-Q.\n\n\nThe information contained in this presentation is summary information that is intended to be considered in the context of ACRE's SEC filings and other public announcements that ACRE, ACREM or Ares may make, by press release or otherwise, from time to time. ACRE, ACREM and Ares undertake no\nduty or obligation to publicly update or revise the forward-looking statements or other information contained in this presentation. These materials contain information about ACRE, ACREM and Ares, and certain of their respective personnel and affiliates, information about their respective historical\nperformance and general information about the market. You should not view information related to the past performance of ACRE, ACREM or Ares or information about the market, as indicative of future results, the achievement of which cannot be assured.\n\n\nNothing in these materials should be construed as a recommendation to invest in any securities that may be issued by ACRE or any other fund or account managed by ACREM or Ares, or as legal, accounting or tax advice. None of ACRE, ACREM, Ares or any affiliate of ACRE, ACREM or Ares makes any\nrepresentation or warranty, express or implied, as to the accuracy or completeness of the information contained herein and nothing contained herein shall be relied upon as a promise or representation whether as to the past or future performance. Certain information set forth herein includes estimates and\nprojections and involves significant elements of subjective judgment and analysis. Further, such information, unless otherwise stated, is before giving effect to management and incentive fees and deductions for taxes. No representations are made as to the accuracy of such estimates or projections or that\nall assumptions relating to such estimates or projections have been considered or stated or that such estimates or projections will be realized.\n\n\nIn addition, in light of the various investment strategies of such other investment partnerships, funds and/or pools, it is noted that such other investment programs may have portfolio investments inconsistent with those of the investment vehicle or strategy discussed herein.\n\n\nThese materials are not intended as an offer to sell, or the solicitation of an offer to purchase, any security, the offer and/or sale of which can only be made by definitive offering documentation. Any offer or solicitation with respect to any securities that may be issued by ACRE will be made only by means of\ndefinitive offering memoranda or prospectus, which will be provided to prospective investors and will contain material information that is not set forth herein, including risk factors relating to any such investment.\n\n\nFor the definitions of certain terms used in this presentation, please refer to the \"Glossary\" slide in the appendix.\n\n\nThis presentation may contain information obtained from third parties, including ratings from credit ratings agencies such as Standard & Poor's. Such information has not been independently verified and, accordingly, ACRE makes no representation or warranty in respect of this information. Reproduction\nand distribution of third party content in any form is prohibited except with the prior written permission of the related third party. Third party content providers do not guarantee the accuracy, completeness, timeliness or availability of any information, including ratings, and are not responsible for any errors or\nomissions (negligent or otherwise), regardless of the cause, or for the results obtained from the use of such content. THIRD PARTY CONTENT PROVIDERS GIVE NO EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR\nFITNESS FOR A PARTICULAR PURPOSE OR USE. THIRD PARTY CONTENT PROVIDERS SHALL NOT BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, EXEMPLARY, COMPENSATORY, PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES, COSTS, EXPENSES, LEGAL FEES, OR\nLOSSES (INCLUDING LOST INCOME OR PROFITS AND OPPORTUNITY COSTS OR LOSSES CAUSED BY NEGLIGENCE) IN CONNECTION WITH ANY USE OF THEIR CONTENT, INCLUDING RATINGS. Credit ratings are statements of opinions and are not statements of fact or recommendations\nto purchase, hold or sell securities. They do not address the suitability of securities or the suitability of securities for investment purposes, and should not be relied on as investment advice.\n\n\n\u2205 ARES\n\n\n2\n\n", "structure": { "type": "document", "markdown": null, "children": [ { "type": "page", "page": null, "span": null, "width": null, "height": null, "dpi": null, "grounding": { "page": 1, "range": { "start": 0, "end": 7675 }, "box": { "xmin": 0.0, "ymin": 0.0, "xmax": 1.0, "ymax": 1.0 } }, "markdown": null, "status": "ok", "reason": null, "children": [ { "type": "text", "id": "text-0", "span": null, "grounding": { "page": 1, "range": { "start": 0, "end": 2665 }, "box": { "xmin": 0.03434, "ymin": 0.07654, "xmax": 0.96585, "ymax": 0.28281 } }, "atomic_grounding": [ { "page": 1, "range": { "start": 0, "end": 14 }, "box": { "xmin": 0.0369, "ymin": 0.07796, "xmax": 0.1892, "ymax": 0.13062 } }, { "page": 1, "range": { "start": 14, "end": 319 }, "box": { "xmin": 0.0355, "ymin": 0.13662, "xmax": 0.96457, "ymax": 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